Stocks are selling off hard, while crypto is seeing redemptions. Over the past five trading days, U.S.-listed ETFs have drawn in about $12 billion a day, with all of the top 17 funds by inflows being equity funds.
Bitcoin is moving in the opposite direction: spot ETFs have seen outflows for four straight days. Daily outflows have narrowed from $430 million to $95 million, but IBIT has posted outflows for eight consecutive trading days, totaling $1.73 billion.
Smaller outflows don’t mean demand is back. CryptoQuant’s Bull Market Score has fallen from 90 on October 13 to 20. Apparent demand has contracted by 284,000 BTC over the past 30 days—the fastest pace since March 2025.
Money is bypassing crypto, so I’m not chasing it. I’m watching for Bitcoin ETFs to turn to net inflows—the first sign that rotation is coming back. If equity funds also turn to outflows, that would signal a systemic contraction, and the thesis is invalidated.
Bitcoin is moving in the opposite direction: spot ETFs have seen outflows for four straight days. Daily outflows have narrowed from $430 million to $95 million, but IBIT has posted outflows for eight consecutive trading days, totaling $1.73 billion.
Smaller outflows don’t mean demand is back. CryptoQuant’s Bull Market Score has fallen from 90 on October 13 to 20. Apparent demand has contracted by 284,000 BTC over the past 30 days—the fastest pace since March 2025.
Money is bypassing crypto, so I’m not chasing it. I’m watching for Bitcoin ETFs to turn to net inflows—the first sign that rotation is coming back. If equity funds also turn to outflows, that would signal a systemic contraction, and the thesis is invalidated.